Provident Energy Trust, Calgary, (Toronto: PVE-UN; NYSE: PVX) plans acquire an undisclosed, privately held company with asset in southwestern Saskatchewan for C$79 million in stock and C$13 in assumed debt in a total deal valued at C$92 million. The assets include 17,900 net acres of undeveloped land and approximately 100 gross drilling opportunities principally in the Steelman, Crystal Hills and Ingoldsby areas. Production is approximately 1,300 barrels of oil per day (97% operated) and Provident expects production to increase by approximately 20% in 2008. Proved and probable reserves are approximately 3.6 million barrels of oil. Provident's southeastern Saskatchewan asset team will be manager.
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